A Retirement Plan Lawyer? | Estate Planning & Asset Protection

The Only Thing Missing From Your Retirement Plan Is A Lawyer

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A retirement plan lawyer?

You may wonder why you need a lawyer involved with your retirement plan.

After all, if you have a 401k, your employer deducts a certain amount from your pay, and if you’re lucky they match it or at least a percentage. Or you make annual contributions to an IRA. Your funds grow. You retire. You have money to live on. End of story.

Why A Lawyer for Your Retirement Plan?

Here’s why. A lawyer makes sure the money you’re putting away in your IRA or 401k will be used according to your wishes if something happens to you. And they make sure your money is protected if there is any kind of legal action brought against you. In other words, if you have a retirement plan, you have assets. That means you need an estate and asset protection plan, which means you need a reputable estate and asset protection attorney.

You Say You Have A Will…

So, like most people, you have a will. That may be all you need if you simply die. But, sometimes having an outdated will is even worse than dying without a will. And, what if you become incapacitated? What if you need long-term assisted care? What if you have family members who are only interested in getting their hands on your money and really could care less about your well-being?

You don’t think it can happen? Think again. These are just a few things that happen every single day. There are endless scenarios in which your retirement money could be lost, stolen or frittered away if you don’t have it legally protected and if you don’t have the appropriate legal documents in place that clearly define how you want your monies used and distributed. That way your money won’t go to unintended beneficiaries.

You’ll also need a durable power of attorney – one for healthcare and one for your financial/legal affairs.

Taxing Issues

The whole idea behind 401k’s and IRA’s is to reduce tax liability and taxable income which allows you to save more in the long run. However, there are other tax issues to be taken into consideration. And, a well thought out estate and asset protection plan can save you substantially.

Your Retirement Plan Is A Good First Step

Most people are thrilled to have a 401k or IRA retirement plan. But there is so much more to a retirement plan than putting money aside. So few people keep their wills current and even fewer take the extra step to protect their assets with an estate and asset protection plan.

Make 2020 The Year That You Protect Your Assets

2020 is a great year to take that extra step to make sure your assets are protected, and your will is updated and your estate (you don’t have to be wealthy to have an estate) is legally and properly assigned and designated. 20/20 also denotes visual acuity. See your way to financial acuity this year. You’ll have a greater sense of confidence when you are legally prepared for whatever comes your way. Schedule a meeting with an established, reputable estate and asset protection attorney.